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Daily Market Update June 25, 2020

Early Morning Update

The Jul20 natural gas contract is trading down $0.04 at $1.56.  The Aug20 crude oil contract is down $0.81 at $37.20. 


The losing streak continued for the NYMEX prompt month contract as it settled out the day at $1.597, 2.4% lower than the previous day. The 12-month strip echoed a similar sentiment and lost two cents, but the movement slowed beyond that, with 2021-2023 calendar strips losing just around a penny each. However, there was just enough downside in the longer terms to see the 2023-2025 calendar strips reach fresh all-time lows. While we continue to see above-average temperature in the forecast over the next 20 days in the Northeast, the overall lack of demand, driven mostly by the sharp decline in LNG exports, appears to have a strong hold on the market. Low demand, steady production, and strong natural gas storage levels are keeping natural gas prices hovering at historical lows. Speaking of strong natural gas storage levels, today the EIA will release their weekly storage report. Market participants are expecting to see a strong triple digit injection of around 108 Bcf to be reported, which would be nearly 40 Bcf larger than the 5-year average. Further adding to the bearishness, next week's injection is estimated to be 21 Bcf higher than the 5-year average, as well.

Market Update062520

Market Settles 062420

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